Mavriq buys 80% of the Switcho group | EUROtoday

Get real time updates directly on you device, subscribe now.

Mavriq has signed a binding settlement to accumulate 80% of Switcho shares from founders Marco Tricarico, Redi Vyshka, Francesco Laffi and personal buyers, together with Azimut. Switcho is a fast-growing Italian firm, based in 2019 with the purpose of serving to Italians save on electrical energy, gasoline, phone and insurance coverage payments. The service is characterised by a extremely distinctive and utterly digital mannequin, which performs a personalised evaluation of the invoice and takes care of the paperwork associated to the provider change course of on behalf of the shopper. Switcho additionally collaborates with 9 of the most important Italian banks which have chosen to combine Switcho's provide into their apps and proprietary channels to offer their clients with a particular service. The similar collaboration mannequin has additionally been carried out with greater than 200 fintech firms and actual property businesses. The founders will retain a 20% stake (topic to cross-listed put and name choices with Mavriq) and can proceed to handle the corporate in its new progress section.

The group

Mavriq, the new child institutional model that brings collectively the manufacturers of Moltiply Group (new identify of Gruppo MutuiOnline) lively within the on-line comparability and intermediation of services, is among the many main expertise firms within the sector at European degree. With 19 on-line comparability manufacturers in 5 international locations (among the many finest identified: Segugio, MutuiOnline and Trovaprezzi in Italy, LeLynx in France, Rastreator in Spain and Mexico, and Pricewise – within the technique of being acquired – within the Netherlands), which rely greater than 250 million annual visits and serving over 300 million potential clients, Mavriq's companies, in 2023, generated 188.1 million euros in revenues (+44% year-on-year) and 60.7 million in EBITDA (+30% % yr on yr).

The numbers

With this acquisition, Mavriq continues its growth (simply 6 weeks in the past it introduced the signing of the binding settlement for the acquisition of 80% of Pricewise within the Netherlands) and strengthens its presence within the Italian marketplace for the distribution of vitality and telecommunications contracts.

The enterprise worth agreed for 100% of Switcho's shares is 20 million. In execution of the settlement, shares for 72.1% of Switcho's capital have already been acquired on the time of subscription, whereas the residual shares to succeed in an 80% stake will probably be acquired by 31 October 2024. The buy is financed by already accessible liquidity. An earn-out of as much as 4 million can be foreseen primarily based on the outcomes that Switcho will obtain in 2024. In 2023 Switcho reported revenues of 6 million, with an Ebitsa of 1.8 million, each anticipated to develop considerably in 2024.

Find out more
Find out more